6 Months Of Debt Slaying
Finance Paying Off Debt || Tags: Debt, Money ||I can’t believe it’s been 6 months since we declared war on our debt. On October 1st 2017 we had $26,237.59 in student debt. It felt like such a burden that we would be paying forever. If we had been paying the minimum payment it would take us 11 years to pay this off! With our dreams to travel the world, we didn’t want this weighing us down anymore.
As of right now, our debt is down to…
$18,455.41
That’s $7782.18 in 6 months!
How We’ve Been Able To Do It
At the end December we were able to put a big chunk on the debt of $1400, plus our regular payment of $780.80 because December was a 3 pay month for us (and only 2 mortgage payments) this helped us to have a cash flow surplus.
Unfortunately January was a 2 pay month, and 3 mortgage payments, which left us with no extra money to throw at the debt, we did make our “regular” monthly payment of $780.80.
February we challenged ourselves to a no spend month! The goal was to be able to put a big payment onto the debt. It was a bit challenging but the end goal of making that big payment helped. At the end of the month we were able to put $1200 on top of our regular payment.
Read about our 3 month update here
Going Forward
We are 29% towards our goal of being debt free! It’s hard for me to believe how far we’ve come in the past 6 months. Even though I think of how much we could travel with all that money we’re paying towards debt, I know we’ll be better off in the long run by getting rid of it now and not traveling much.
We are on track of being debt free by September 30th 2019. I am so hoping we can be debt free (besides the mortgage) before then though! It can be so hard to stay motivated when the end is not quite in sight.
I made this printout in order to track our progress! I think it will help to feel more real and exciting!
You can get a printable copy of the debt payoff tracker here
2 responses to “6 Months Of Debt Slaying”
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This is awesome! Love your progress—and thanks for your awesome guest post on Two Drifters. You would keel over dead if you knew how much student debt I have….hehehehe. But we’re working on Credit Card debt for now. oh so fun. Keep rocking it! 😀
Thank you so much Amy! I loved writing for you 🙂